Zurich reforms staff pensions

I'm the digital editor at City A.M., and cover breaking news. I also co-host and co-produce the Unregulated podcast.

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Caitlin Morrison

INSURANCE group Zurich yesterday announced proposals to close its defined benefit pension scheme for its UK employees.

The company revealed that almost half of UK staff were currently paying into such a scheme, and said the proposed changes reflected the fact that people were living for longer, and the low interest rate environment.

The business said these factors “have had a huge impact on the cost of occupational schemes”.